Monday, July 30, 2018 || By Igor Studenkov || @maywoodnews
Featured image: The lot at 2501 Madison St. in Bellwood, which village officials recently sold to a developer. | Realtor.com
The Bellwood Board of Trustees voted unanimously during a July 18 regular meeting to sell a vacant village-owned lot at 2501 Madison St. in Belllwood to Northfield developer Steve Konstantopoulos.
According to Bellwood Mayor Andre Harvey, the developer is looking to build a quick-service restaurant on the site. Failing that, he would build a two- to three-space commercial strip.
Either way, Harvey said, the village is working closely with Konstantopoulos to ensure that whatever does go into it would be best for the site and for the village.
The lot is located on the northwest corner of Madison and 25th Avenues. The LoopNet lease listing created on July 30 touts the lot’s proximity to Eisenhower Expressway’s 25th Avenue off-ramp, as well as the fact that the intersection gets “50,000 plus vehicles per day.”
Harvey said that the village agreed to sell the land to Konstantopoulos for $300,000. He noted that, under the agreement, the developer has 120 days to inspect the site and he has a right to pull out of the sale.
Konstantopoulos bought the land through 537 25th LLC, a limited liability company that, according to the information available on Illinois Secretary of State’s website, was formed on Jan. 31. The company’s office is listed as being located at 545 25th Ave. in Bellwood. Because the LLC is relatively new, no reports are available.
At the moment, Konstantopoulos doesn’t have any tenants secured. What will go in, Harvey explained, will depend on who would be interested in the site.
“What [Konstantopoulos] wants is to put in is a quick-service restaurant,” he said. “If that doesn’t go, he might break it up into a two or three strip mall business. So it depends on what gets to come here and how much space they need.”
Harvey added that Konstantopoulos is marketing the property “very aggressively”
According to the lease listing, the developer is leasing the land on an annual basis at the rate of $23 per square foot, or $24 per square foot for a “qualified national retailer.” A total of 26,000 square feet are available, so the total rent could be as much as $624,000 a year.
Quick Service restaurant is described as a preferred option and emphasized that the owner is flexible in terms of building something that would suit the tenant’s needs.
At the moment, the property is zoned commercial, so the developer would have considerable flexibility as to what can go in. But Harvey emphasized that the village is very much involved in choosing the tenant.
“We are working with the developer, because we have to be 100 percent certain that we’re not going to get something that’s not conducive that is not right for the village,” he said. “We are working with the developer to bring the best possible use to this corner.”
Konstantopoulos could not be reached for comment. VFP
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